Largest shopping center in Europe is to open November 18 in Moscow (RU)

The Patero Development company announced that the construction of the Golden Babylon Rostokino shopping center, at 241,000 m² the largest urban shopping center in Europe, will meet the previously mentioned time terms to open on November 18, 2009 as planned.

According to Colliers International, the exclusive marketing and leasing consultant, lease agreements are signed for more than 75% of the total area, and lease agreements for another 15% are at the final signing stage.

The two-story shopping and entertainment center with GBA of 241,000 m² and retail gallery of 450 stores is located in the northeast part of the city which is the most populated area of the capital. One of the strongest competitive advantages of this project is a broad entertainment zone. There are various options for leisure time: a 14-room cinema complex and a big entertainment center for children and adults. Besides, the shopping center will include cafes and restaurants with diverse cuisines. Parking lot will include 6,500 parking spaces.

The Immoeast Austrian fund is a contractual partner and an investment partner of the project. The Golden Babylon Rostokino is financed by Sberbank that has opened a credit line of US $175 million (approx. 122 mln.)for four-and-a-half years.

Andrey Lyubimov, First Deptuy General Director, Patero Development company: "The Golden Babylon Rostokino shopping center is a landmark project for our company. We aimed to realize such a large-scale project for a long time and now are happy that the Golden Babylon shopping center is to open its doors for customers on November 18th. According to our estimations and estimations by experts this project will be successful which is proved by interest from international and Russian retail operators that will be represented in the project. We hope that the citizens of the capital will come to appreciate our efforts."

Tatyana Klyuchinskaya, Director of the Retail Property Department, Colliers International, mentions that it is a unique large-scale project within the city. It is obvious that projects of the same scale and quality will not be realized in the next few years and the Gold Babylon Rostokino shopping center will be successful and enjoy high demand.